Mount Vernon Avenue Buildings Sold To New Property Owner

ALEXANDRIA, VA — A new property owner has acquired several blocks of Mount Vernon Avenue buildings in Del Ray, according to Lee & Associates, which brokered the sale. The buildings at 2401-2525 Mount Vernon Avenue include multiple tenants for retail and residential uses, as well as a 144-space parking structure.

Bonaventure Realty Group bought the properties at 2401, 2403 and 2411-2419 Mount Vernon Avenues. Bordered by East Oxford Avenue and Stewart Avenue, the properties include several businesses as well as the Alexandria Department of Community and Human Services. The sale does not involve First Agape Baptist Community, which is located in between the Department of Community and Human Services and businesses.

According to Bonaventure Realty Group, the current uses will remain the same. The City of Alexandria is leasing 2525 Mount Vernon Avenue for the Alexandria Department of Community and Human Services office through 2022.

Bonaventure Realty Group is moving forward with plans to relocate its headquarters to Del Ray at Mount Vernon and Hume Avenues from Arlington. Bonaventure CEO Dwight Dunton is an Alexandria native.

The Amazon impact on the Del Ray market hasn't gone unnoticed. According to Josh Simon, president of the Lee & Associates DC and Northern Virginia regional office, Amazon's headquarters announcement has spurred greater interest from developers and investment groups while elevating property values.

"The seller was not highly motivated to dispose the properties, especially once Amazon revealed its intentions for the area, but Bonaventure was flexible, creative, and thought outside the box to accomplish their goal of acquiring the real estate," said Simon in a statement.

Lee & Associates was involved in two other recent sales transactions in Alexandria. Avanti Holdings Group sold the property at 1200 North Henry Street near the Braddock Road Metro to NOVO Properties with Avanti maintaining an ownership interest. It is expected to become a 115-unit multifamily apartment building. Avanti Holdings Group also acquired a building at 701 North Henry Street, which is leased to Alexandria Lighting & Supply. The new owner plans to keep the existing use but won't rule out a long-term "value-add" strategy.